EEL 410 revision

Why is having a competitive price important in a business model?

• It ensures high costs

• It helps to attract more customers

• It limits the product variety

• It ignores consumer needs

Which term is NOT associated with a successful business model?

• Sustainable cost

• Competitive price

• Fulfill consumer needs

• Random pricing

Which of the following is essential for a successful business model?

• High costs

• Fulfill consumer needs

• Fixed prices

• No innovation

Which term refers to the need to continuously improve and introduce new ideas in a business model?

• High employee turnover

• Sustainable cost

• Innovation

• High pricing strategy

What is a necessary feature for keeping a business model relevant over time?

• No scope for changes

• Ignoring market trends

• Scope for revision in model with time

• Fixed pricing strategy

What is an important characteristic of innovation in a business model?

• Keeping the same strategies forever

• Ignoring technological advancements

• Introducing new ideas and improvements

• High fixed costs

Which of the following does NOT contribute to a successful business model?

• Low consumer satisfaction

• Fulfill consumer needs

• Competitive price

• Innovation

Why is it important for a business model to fulfill consumer needs?

• It increases the costs significantly

• It decreases customer loyalty

• It ensures the product remains relevant and desired

• It focuses only on high pricing strategies

What should a business focus on to maintain sustainable costs?

• Increasing prices regularly

• Minimizing expenses while maintaining quality

• Ignoring cost efficiency

• High pricing with low quality

Which of the following is NOT a correct term for a successful business model?

• Sustainable cost

• Competitive price

• High operational risk

• Innovation